Decision on EU's Trans Adriatic Pipeline loan postponed

  • Cristina Nastasa
  • 15.12.2017 11:05

On 12 December, the European Investment Bank (EIB) delayed the €1.5 billion loan for the Trans-Adriatic Pipeline (TAP). The EIB announced that further examination is needed since the project impacts both the climate and local communities.

The postponement comes in the context of Paris Climate Agreement’s second anniversary. The final decision will not be taken before February 2018. The TAP is a part of the Southern Gas Corridor between Europe and Azerbaijan that aims to reduce EU’s dependency on natural gas imports from Russia and strengthen the energy security of Southern and Eastern Europe. Critics maintain that it will only increase environmental risks and prolong EU’s dependency on fossil fuels. Another signed project to reduce EU dependency on Russia is the East Med Pipeline. The TAP, now 60% completed, is endorsed by the European Commission, which argues that access to natural gas resources will lead to the decrease of polluting power plants and bring 10 billion of cubic meters of Caspian gas to Europe starting from 2020.

About author: Cristina Nastasa

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